What is a sales strategy and what types of sales strategies exist
There exist four basic types of sales strategies:
- Sales to strategic partners
- Consultative sales
- Sales to satisfy a need
- Script-based sales.
They largely vary depending on a company, clientele, product/service being sold, and circumstances of sales. A large number of minor factors also contribute. But these four stay and define the strategic tools, volumes of sales, approaches to sales, and exact practices applied.
Going through the four, we can explore how they differ:
- Sales to strategic partners have large budgets, extensive and individual relations with customers, and many auxiliary processes that support the sales and the product’s exploitation. Many such sales have account managers, as they manage a long product’s lifecycle.
- Consultative sales are aimed at creating an understanding of the company’s product to show how exactly it works for a client’s pain. A salesperson consults and advises much before closing a sale.
- Sales to satisfy a need is the most triggered hot sale, where a salesperson closes the immediate need of a client. (“Need to write on paper? There’s a pen for you!”)
- Script-based sales are applied mostly to cold calls and highly standardized sales.
Based on types of sales promotion strategies, a company creates its own plan. A ready-to-work plan is an official document that might reflect:
- Organization’s goals
- Customer profiles and needs
- A product (tailored to customer needs or not) with its characteristics: positioning, promotion, price, markets
- Sales team members, which have to be hired, brought on board, and compensated adequately to the sales numbers (frequently connected to KPIs)
- Tools to be used to sell (soft + hard skills, IT tools, knowledge base, marketing tools, price flexibility, adjacent services, and so on)
- Team and individual KPIs
- Methodologies of KPI tracking and improvement.
All business plan examples should include measurable, realistic, achievable, and tied to the company’s vision KPIs and other numbers, which not only shape the sales plan per se but also make it comfortable to reach month by month, year by year.
Ways of building and increasing sales strategies
There are many business strategy examples out there but they’re all built on common grounds, the basis for which is listening to your client. Also, at the end of the day, nobody’s able to escape or substitute the general tools of sales like conversations with clients, picking up the phone, writing and reading messages, and closing deals.
Tools to build a sales plan, make changes to it, and keep to it are:
- Know your client: collect all possible feedback to make up the portrait of your customer, what needs and pains they have, how the product solves them, where they live, what income they have, etc.
- Use inbound sales, which are personalized for every your customer (for instance, by using a CRM or ERP system) – as a direct result of the KYC politics
- What good and bad sides your product has and how it can be improved to sell more (if sales depend on the product quality)
- Define the flexibility of your offer and the advertising methods of your sales to make sure a customer gets a better offer than from your competitors. Are there product demos or trials?
- Covering the needs, create urgency & appeal to a decision-maker
- Use social media and referrals, employ tools of automated sales and informing (like email marketing), also including the personalized automated marketing by means of the CRM system.